Insurance is an arrangement by which a company, undertakes to protect by providing a guarantee of compensation to the beneficiary against a possible eventuality or for a specific loss, damage, illness or death in return for payment of a specified premium. The cost of insurance premiums is eligible for tax exemptions as per tax laws. Life Insurance is a contract/protection from uncertainties of life or against a possible financial risk that would arise from the premature loss of life of the insured. The benefit is paid to the beneficiary by the life insurance company in accordance with the premium payments made by the insured.